http://www.arsenaltrust.org/news/lat...un-to-nov-2013

It's worth looking through this as Globalgunner suggested and we can cut the speculation.

Despite the huge increases of recent years and summer culling of deadwood the wage bill is still likely to grow by £11m over the season to around £165m (an increase of 7.2%). This will come as a surprise to many but is explained by the following: the new deals for the 'British Core of Five' coming on stream in this financial year; the impact of Champions League qualification bonuses becoming payable in August once the play-off game was won; the return of Park and Bendtner to the squad from loans last season; the cost of adding a stellar signing like Ozil to the squad with Arsenal for the first time paying Galactico wages.

The club have explained that they see maintaining a wage bill at 65% of the club's total turnover as sustainable and are clear that their aim is to increase wage spending to get closer to the £180m/£190m recently recorded by Man Utd and Chelsea. This reflects the close correlation that exists in modern football between wages paid and football success.
The wages are increasing but is to get it close to the numbers Chelsea and United which is maintainable. We plan to stretch it even further. We just have to distribute smartly. They're is no point in having at that level and not having the squad to back it up.